European Bank set to increase wind investment

EUROPE: The European Investment Bank (EIB) spent €1633 million on wind power in 2009, its president Philippe Maystadt announced at a conference in Brussels on Thursday.

EIB: planning increased investment in renewables

He said the bank had "delivered" on its promise to make the fight against climate change one of its priorities in 2009, loaning €17 billion for projects contributing to the reduction of CO2 emissions.

Meyerstadt said the bank hoped in 2010 to reach at least €20 billion for climate change projects.

According to EIB vice-president Simon Brooks, a significant chunk of this is likely to be spent developing offshore wind. Brooks said the bank was currently engaged in discussions on a number of offshore wind projects. "2010 will see us actively engaged in the sector," he said.

Last year's investment included €4.2 billion for renewables, with €1284 million spent on projects in the wind sector and €399 million on manufacturing turbines and other wind infrastructure. The bulk of the rest was loaned to the solar sector - €515 million on projects and €400 million on the manufacturing of solar technology - and the remainder to smaller scale renewables including biomass projects.

Funding from the EIB secured the future of the troubled Belgian Belwind project last year and Brooks suggested institutional cash injections would be just as welcome in the wind sector in 2010. He said that given the continuing problems faced by many commercial banks, "there are not many investors in 2009/2010 that will not want us involved in a deal".

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